Market news

21 May 2020

Asian session review: the dollar rose against most of the world's currencies

TimeCountryEventPeriodPrevious valueForecastActual
00:30JapanManufacturing PMIMay41.9 38.4
00:30JapanNikkei Services PMIMay21.5 25.3
02:30AustraliaRBA's Governor Philip Lowe Speaks    


During today's Asian trading, the US dollar was trading higher against the euro, yen and pound. On Wednesday, the euro rose against the dollar for the fourth day in a row. This week, the euro's growth was supported by optimism about the Franco-German initiative to restore the European economy after the crisis caused by the COVID-19 pandemic.

Federal reserve (Fed) leaders discussed the next stage of monetary policy - to convince markets that rates will remain low for a long time, according to the minutes of the April meeting of the Federal open market Committee (FOMC). It says that the Central Bank may want to clarify its intentions regarding interest rates at upcoming meetings.

On Thursday, traders expect the release of data from the US Department of labor on the change in the number of applications for unemployment benefits last week. As reported last week, since the introduction of restrictive measures in the country to prevent the spread of COVID-19 coronavirus infection, about 36.5 million Americans have applied for benefits.

Meanwhile, Japan's Finance Ministry on Thursday reported that the country's exports fell 21.9% year-on-year in April. Japanese exports fell for the 17th month in a row last month amid weak global demand and the ongoing COVID-19 coronavirus pandemic, which caused a number of businesses to suspend operations.

The ICE Dollar index, which shows the value of the US dollar against six major world currencies, rose 0.27% compared to the previous trading day.

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